Do credit card changes affect credit scores?

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Princessbell
Re: Do credit card changes affect credit scores?

Thanks. I've kept these cards I really don't care for for a while, because I am just starting out and wanted to get my score up...now that i have credit established I need to stop being so scared to change things.

"Time flies like an arrow. Fruit flies like a banana."

Stevie
Re: Do credit card changes affect credit scores?

I've got several.  Did an inventory back in Sept.  2 Citibank, 4 Chase, 1 Bank of America, 2 Capital One, 1 Macy's Visa.  That's 10 major credit cards :(  I got about half of them in promotions where I saved a chunk of money on something by opening an account.  Amazon (Chase), Buy.com (Chase), Macy's, Sears.  Oldest active account is 1989.

I collect them and close a few every few years.  Unused cards stay in my gun safe.

May seem like a lot but I only use 2 of them regularly and pay the balances off each month.  And right now on 2 others, I have 0% interest term balances.  Most recent credit score was in the low 800's.

bella22
Re: Do credit card changes affect credit scores?

You're doing good Stevie. Keep it up :)

-Pain is weakness leaving the body- USMC OOrah!

grant
Re: Do credit card changes affect credit scores?

Stevie, you can apply for a chase cash rewards card, with 0 apr for a year, (max transfer fee of a hundred bucks), then consolidate your other 3 chase cards onto it, for a whopping credit line, then do another balance transfer from that new card and make some more money by putting the new money in a bank and returning it in a year. You mentioned you have two other balance transfer deals going. Why not make it three and make more money?

Stevie
Re: Do credit card changes affect credit scores?

Hey!  that's my kinda game right there!  I'll look into it - Thanks!

slake2000
Re: Do credit card changes affect credit scores?

It will drop your credit score some if you close the account.  It will effect the ratio of total available credit to total balance.  Use it to fill up your tank the next time you get gas then immediately pay it off.   My best advice is change nothing.  Anything you change will have to be verified and it just means more paperwork.  With everything going on right now you want your file to be as thin and clean as possible.  Don't move any large sums of money around from account to account.  Don't let anybody pull your credit report because it drops your score everytime an inquiry shows up. 

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